Two days in May 350 exhibitors, 250 seminars and 140 master classes could define your business’ future. Visiting Business Show in London we saw a phenomenal level of insight, knowledge and education passionately delivered by eminent leaders of the business world. One S the inspirational speakers was Rich Preece, the VP and Country Manager of Intuit UK who shared his thoughts on SMEs accounting with “Start your Business” magazine.
The Silver Lining Helping SMEs Reach For the Sky
Poor financial management is one of the key reasons so many firms fall in their early days, with 44 percent of SMEs either running out of cash or coming very close to doing so within the first three years. Despite this, 50% of SME owners put off doing the books. Whether it’s keeping on top of invoices or managing cash flow, financial management is not why most people decide to start their own businesses. It can be a costly, time-consuming and uncertain exercise, and as a result, it is something that often gets pushed to the back of the queue. Anything to make this process easier goes a long way. Hiring and accountant is one option and can be incredibly valuable asset to any business, but sometimes, particularly in the early stages, this is a luxury many SMEs simply cannot afford.
Taking control with the cloud
Many forward-thinking SMEs are starting to use cloud-based financial management software. In fact, half of the small businesses will be using cloud accounting by 2016. “The cloud” is technology many consumers are already using today, possibly without even knowing it. Having an email account that you can check from anywhere is in the cloud and so is online banking when you log on to the site to see your current finances. This same ease of access, to get information you need when you want it, applies to cloud accounting and can be a real game changer for business owners. Getting a complete overview of the company finances at the touch of a button enables them to make better informed business decisions very quickly.
Not only does cloud accounting allow you to see the big picture, it also helps in the day-to-day maintenance of the business. The software automatically syncs and categorizes bank data, saving time and reducing data entry errors. It also removes the headache of VAT by providing the information a user needs to complete a VAT return every quarter.
Lastly, having a cloud-based solution also means being able to work on the go. Depending on business needs, this cloud mean checking the real-time status of an invoice while you’re still with the customer, running payroll from the road or accepting credit card payments for a sale.
“Cloud accounting and can be a real game changer for business owners”
Why we shared it with you?
Moneypenny.me understands that running the accountancy side of a small business can be a laborious, time-consuming and costly process. By taking the advantage of the Moneypenny.me accounting services available, SMEs can use available tools to relieve themselves of much of the burden of financial management. Our aims? Getting SMEs owners back to doing what they do best: driving their business forward.